Q&A Forum

A system for tracking Fixed Assets ?

Anonymous

(Accounting Manager)| Feb 14, 2017

Hi we are in professional service business ( legal business) and need a system to track our fixed assets by using the bar code number. Currently we use Sage inventory management solution system , but some of us are not happy of it. Is there any recommendations for other system to do the same type of tracking ? so we know where the assets are, who owns it, and which assets to dispose. Thanks in advance!

Answers

Anonymous

(Director of Finance)
| Feb 14, 2017

Are you using the system to just track the assets or will it be used to maintain information regarding depreciation expense and accumulated depreciation? If depreciation is involved, will it need multiple "buckets", ie book, tax, etc.?

Anon
Which country/countries are you located in? US GAAP or IRFS?
Do you need book and tax depreciation calculations?
Are you single or multiple entity/do you transfer assets between entities?
What accounting system(s) are in use?

If you could help with more information, you may get better responses.
There are many fixed asset solutions, but your needs will drive you to a short list of viable options.
Best regards

Anonymous

(Sr. International Accountant)
| Feb 14, 2017

We have Sage fixed assets module to run our depreciation and accumulation depreciation, but we need an inventory tracking system for our fixed assets and new assets going forward. We are in US, but we are not public. We followed IRS rule instead of GAAP. We have multiple offices across US. We use Aderant as our ERP system. Thank you all for the help!

Anon
When you say "inventory tracking" I think you mean "location tracking" for the assets-is that right?
If you are using a SAGE FA product I would get their product expert on the line/in the office - this is not the first time this question has been asked of SAGE and they should know what to say/propose options.

Additionally, when it comes to IT assets (from servers to desktops, tablets, phones, routers, telcom equipment) there are IT apps that manage all devices on the network. This won't address tracking of leasehold improvements or desks though.

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